-- NQ daily trend is now down
-- NQ 60-minute trend is also down, bit in oversold condition
-- NQ 5-minute trend is also down
A large down day for NQ on Tuesday with NQ breaking below 7800 key support, triggering massive algos selling with NQ down about 200 points from the early morning high.
With the 60-minute timeframe in oversold on Tuesday we could see oversold bounce and consolidation on Wednesday, but it will depends on where NQ trades in relation to its key inflection level.
Key intraday price inflection level for NQ on Wednesday will be 7740.
-- Trading above 7740 indicates likely consolidation as the shorts may be forced to cover. If so, the next resistance is again at 7800.
-- There will be more selling if NQ is not able to stay above 7740. Next support is 7650, then 7600
Trump spoke at the UN on Tuesday
